In 2014 Repsol's adjusted net income increased 27% compared to 2013. This result reflects the strength of the company's business model and its resistance to adverse scenarios, including the sharp fall in oil prices.

The financial strength of the company allowed a purchase offer of the Canadian oil company Talisman Energy in December 2014. The operation will transform Repsol into a more competitive, geographically diverse company with assets that will provide a platform for value creation.

In 2014, Repsol made 12 discoveries, for an exploration success rate of 35%, which is higher than the industry average. In addition, and for the fifth consecutive year, it incorporated into its reserves more hydrocarbons than it produced, with a replacement rate of 118%.

Results 2014

The results reflect the strength of Repsol's business model and its resistance to adverse circumstances. The company made 12 discoveries, increased its production and obtained, for the fifth consecutive year, a positive reserve replacement rate. The quality of its Downstream assets put it among the leaders in Europe in terms of refinery.

Talisman Energy shareholders overwhelmingly approved the acquisition agreement with Repsol by more than 99% at a special session in Calgary. The transaction is expected to be completed in the second quarter of 2015.